SariSuki, a Filipino social commerce company, said that it has raised $10.7 million in funding from Openspace Ventures, SIG, Global Founders Capital, Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners.
The cash will be utilized to expand the company’s product offering, dark warehouses, and geographic reach.
SariSuki is a community group-buying company for everyday goods and food that launched in May 2021. The firm buys fresh vegetables in bulk from local farmers and sells them to the community at a reduced price.
SariSuki uses an agent-assisted approach, with community leaders serving its customers. Members of communities who set up shop as community leaders profit from the sale of products while also completing the last mile.
Supah, a rapid commerce app that delivers goods in 15 minutes, is also managed by the company.
SariSuki claims to have expanded 36 times since its inception, serving over 60,000 customers and employing over 100 people.
“Quick commerce is a way for us to expand into serving the segment of our market that seeks hyper-convenience for a hyper-local product mix for their daily needs,” said SariSuki Co-Founder Brian Cu, who earlier co-founded Zalora Philippines and held the role of the country head at Grab Philippines.
“SariSuki’s increasing sector dominance has resulted from addressing key pain points and barriers to e-commerce adoption with a model that builds confidence amongst, and value for, consumers. We recognised that the trust that those communities are putting in their community leader, who consistently delivers high-quality local produce, will help “to accelerate vital e-commerce adoption rapidly said Hian Goh, Co-Founder of Openspace.
By 2025, the Philippines’ e-commerce sector is expected to be worth $15 billion (Statista). Despite this massive market size, e-commerce penetration in the grocery industry is still low, with just 3% of enterprises operating online.
